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Many millennials, myself included, were saddened when the popular toy store chain Toys R Us filed for bankruptcy and closed its doors in 2017. While I may not have children of my own, I fondly remember the vibrant world of toys and adventure that Toys R Us provided during my childhood. Despite efforts by its parent company Tru Kids to revive the brand through small pop-up stores, success has been elusive. It seems like it may be time for a fresh start with a new owner at the helm.
Brand management company WHP Global has recently acquired a majority stake in Tru Kids, signaling their intention to reignite the magic of Toys R Us once again.
Yehuda Shmidman, chairman and CEO of WHP, expressed his excitement about the acquisition, stating, “We’re in the brand business, and Toys R Us is the single most credible, trusted, and beloved toy brand in the world. We’re coming off a year where toys are just on fire. And for Toys R Us, the U.S. market presents a great opportunity for growth and innovation.”
Toys R Us has a new owner that’s planning to open stores again in the U.S. https://t.co/sGyy0IUaVb
— CNBC (@CNBC) March 15, 2021
Shmidman has been involved with Tru Kids as the Vice Chair since 2019 and has witnessed the brand’s various revival attempts, including partnerships with Target and Amazon, as well as the challenges posed by the COVID-19 pandemic.
Reflecting on the past obstacles, Shmidman remarked, “The restructuring processes were challenging for the company, and the impact of Covid-19 was unprecedented. However, we are now moving beyond those hurdles, and the future looks bright.”
WHP Global aims to reopen Toys R Us stores across the United States, with a target before the 2021 holiday season. Instead of focusing on large traditional stores, the plan is to start with pop-up stores, airport locations, and mini-stores within other retail outlets, with flagship stores to follow in the future.
